vu acc501 Mid Term Subjective Solved Past Paper No.2
vu acc501 Business Finance Solved Past Papers
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A Turing machine is a theoretical device that manipulates symbols contained on a strip of tape. Despite its simplicity, a Turing machine can be adapted to simulate the logic of any computer algorithm, and is particularly useful in explaining the functions of a CPU inside of a computer. The "Turing" machine was designed by Alan Turing in 1937.
The Turing test is a proposal for a test of a machine's ability to demonstrate intelligence. It proceeds as follows a human judge engages in a natural language conversation with one human and one machine, each of which tries to appear human. All participants are placed in isolated locations. If the judge cannot reliably tell the machine from the human, the machine is said to have passed the test. In order to test the machine's intelligence rather than its ability to render words into audio, the conversation is limited to a text-only channel such as a computer keyboard and screen.
If a computer pass the test ,we can say that a machine can think.
Sikander's Photo Studio, Inc.
Trial balance
| Cash | Rs.171,100 |
| Accounts receivable | 9,400 |
| Prepaid studio rent | 3,000 |
| Unexpired insurance | 7,200 |
| Supplies | 500 |
| Equipment | 18,000 |
| Accumulated depreciation: equipment | Rs.7,200 |
| Notes payable | 10,000 |
| Accounts payable | 3,200 |
| Salaries payable | 4,000 |
| Income tax payable | 6,000 |
| Unearned revenue | 8,800 |
| Capital stock | 100,000 |
| Retained earnings | 34,000 |
| Revenue earned | 165,000 |
| Salary expense | 85,000 |
The main difference between public and private company is that in public limited companies there is no restriction on number of persons to be its members. There is one restriction. That there should be a minimum of three members to form a public limited company. Public limited company can offer its shares to general public.
While in private company two to fifty persons can form a company. Minimum two members are elected to form a board of directors. This board is given the responsibility to run day to day business of the company. Private limited company cannot offer its share to general public.
Private Limited Company
Number of members in a private limited company varies from 2 to 50.
Any 2 members can subscribe their names in memorandum and articles of association along with other requirements of the companies' ordinance 1984. They can also apply to security exchange commission for company's registration. The shareholders of the private limited company elect two members of the company as Directors. These directors form a board of directors to run the affairs of the company.
The head of board of directors is called chief executive.
Private limited company can not offer its shares to general public.
In case a investor decides to sell his/her/her shares, his/her shares are first offered to existing shareholders. If all existing shareholders decide not to buy these shares, then an outsider investor can buy.
Words and digression "(Private) Limited" are added at the end of the name of a private limited company.
Public Limited Company
Least number of members in a public limited company is 7 with no upper limit in number of members.
Any 7 members can subscribe their names in memorandum and articles of association along with other requirements of the companies' ordinance 1984. They can also apply to security exchange commission for company's registration. The shareholders of the public limited company elect seven members of the company as Directors and these directors form a board of directors to run the daily affairs.
The head of board of directors is called Chief Executive.
Public limited company can offer its shares to general public at large.
Word "Limited" is added at the end of the name of a public limited company.
Each subscriber of the memorandum shall write opposite to his name, the number of shares held by him/her.
On top of that there are two types of public limited company:
- Listed Company
- Non Listed Company
- Accrued Expenses or Outstanding Expenses
- Prepaid Expenses or Unexpired Expenses
- Accrued Revenue or Revenue Receivable
- Unearned Revenue or Revenue Received in Advance
- Depreciation of Asset
Accrued Expenses or Outstanding Expenses
Trading and profit and loss account effect. These expenses will be shown in profit and loss account under administrative expenses and will and be deducted from gross profit. They will be used to calculate net profit. Balance sheet effect: These expenses will be shown as expense payable or accrued expenses in balance sheet as current liabilities and will be shown under current liabilities section of liabilities as they have to be paid by business.
Prepaid Expenses or Unexpired Expenses
Trading and profit and loss account effect. These will be deducted from relevant expense account to get the actual expenses for the period and that actual amount of expense will be deducted from gross profit to arrive at net profit. This amount of prepaid expenses will not be included in profit and loss account as an expense itself but its effect will be on current expenses for the period for which profit and loss is being calculated. Balance sheet effect: These prepaid expenses will be show and current assets in balance sheet and will be shown under the section of current assets in balance sheet.
Accrued Revenue or Revenue Receivable
Trading and profit and loss account effect. These will be added to sales in trading account in profit and loss statement and will be treated as a revenue in the calculation of gross profit by subtracting cost of goods sold from net sales. This will affect gross profit in trading account.
